China approves US$73b of subway projects

China approved subway projects in three cities including Beijing, Tianjian and Shenzhen worth a total 464.77 billion yuan (S$104.6 billion), the country's top economic planner said on its website. 

PHOTO: REUTERS

SEP 29, 20152:30 PM

[BEIJING] China approved subway projects in three cities including Beijing, Tianjian and Shenzhen worth a total 464.77 billion yuan (S$104.6 billion), the country's top economic planner said on its website.

The National Development and Reform Commission (NDRC) said on its website that it had approved the second construction phase of a subway system in Beijing, with an investment value of 212.28 billion yuan. It is expected to be finished by 2021.

It also gave the go-ahead for a subway plan worth 179.43 billion yuan in Tianjin. It is due for completion in 2020.

The third construction phase of a subway system in Shenzhen also won approval. It is planned to be completed by 2020, with an investment value of 73.06 billion yuan.

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Beijing has approved billions of dollars in infrastructure projects in recent months to stave off a sharper economic slowdown. The government has been particularly keen on projects in the less-developed western part of the country.

REUTERS